Wall Street waits for bank bailout

Looks like Wall Street is down a bit this morning as investors wait to see what the federal government’s new bank rescue plan looks like.

The plan may let loose around $1 trillion to rejuvinate the nation’s credit markets. It’s also expected to include a government-business partnership to clean soured assets from banks’ books.

Oh yeah. Almost forgot that the $838 billion stimulus bill also is expected to win Senate approval today.

The Dow Jones industrial average is down 57 at 8,213, and the Standard & Poor’s 500 index is down 7 at 863. That naughty Nasdaq bucked the trend for part of the morning but ultimately dropped 3 to 1,588.